"The evolution of a liquid futures market is an important
milestone of the ARRC paced transition plan. Clients have
indicated that Sofr futures will have immediate investing, risk
management, and hedging applications for repo and relative
value traders," said Agha Mirza, managing director, interest
rate products at CME Group told IFLR.

Over 7,000 CME Sofr futures contracts traded in the first
week (listed May 7). There are 20 quarterly and seven monthly
contracts. The quarterlies will help provide building blocks
for the IRS market, whereas the monthlies offer greater
granularity at the front end of the curve especially as the
nearest quarterly contract becomes more set through its
reference quarter.